18. Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a.Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.The monthly PAYE is:a.$162,748b. $153,061c.$164,923d.$189,748 Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthlysalary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director'sfees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Underthe Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to amaximum of $3,000,000.00 p.a.Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096p.a Persons with monthly income below $500,000 pay tax at 25% and those above pays tax 30%.The monthly PAYE is:a.b.C.$162,748$153,061$164,923d. $189,748

It is a tax system used in many countries to collect income tax from employees. Under PAYE,…

Answered: Ms. Berry is employed as an Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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18. Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748